I like the cycle in principle, 3,5 months is alright. I'm also fine with the "even: iLvl bump, odd: catch up" system. I just wish for more content. Less dungeons is ok with me as I don't think they are valuable content, but I don't see why we got less in the first place.
Ishgard, Trusts, Unreal and Blue mage (the biggest things from 5.X) are just pre existing content with a twist, and they wear out really fast
Bozja has one zone less than Eureka as of .3, and the first step was bad.
Solo instances (Bozja and Saphire weapon) have no replay value while I imagine they have significant ressources costs.
No Deep Dungeon in 5.3
No Ultimate in 5.3
(I dont know about PvP, but people who play PvP could add their opinion there).
We did get one more Trial and Ocean Fishing. Not sure it's worth the trade off

TLDR, We are getting less content, which directly impacts the cycle as everything wears out faster. And the repeating nature of the cycle is s bit stale. Knowing that X.3 trial will always be MSQ, wrapping up MSQ in X.3 makes .4 and .5 MSQ usually a bit boring etc. Shaking things up a bit would not hurt.